Competition in the digital currency world is only going to get tough and only the best cryptos will survive this as evident from the changes in prices over the last two days. Most of the major cryptocurrencies have suffered a major blow except Tether and NEM. But, the most significant loss so far is the price of Ethereum which seems to be snowballing downwards at a very high speed.
Experts’ project that the price of one Ethereum coin may continue to dip below $650, and this will definitely lead to massive losses especially for investors who recently purchased this currency.
Can it Get Worse?
This is the number one question that people across the globe are asking especially those who are planning to invest in the currency. A closer look at the history of Ethereum price, $650 is still a good spot compared to its price one year ago. What we cannot afford to ignore is the fact that Ethereum is serious struggling to get a strong footing in the market and it seems to be slowly losing the battle every week.
In the last four months, we have witnessed this major cryptocurrency drop from $960 to $657 and judging from the statistics in our hands, real relief for investors who trade using this coin as well as miners will not come soon. While it is safe to say that all altcoins especially those that have been in the industry for a while now are set to record a decline in their market prices, most people, including us, believed that the main currencies, that is Bitcoin and Ethereum would have managed to survive the hit.
It is also important to note that Ethereum has lost significant ground in the ETH/BTC department and this as expected will make it even difficult to get to a solid price tag that investors can consider as safe and profitable for their businesses. What we can, however, say without any fear of contradiction is that Ethereum price is headed to below $650 unless something magical happens now.
As clearly highlighted by The Merkle, it is not recommended to assume that this will be the new bottom. This is based on the fact that the total market cap for cryptocurrencies across the globe is expected to hit an all-time below $350billion and some of the gurus of the industry think that the numbers could actually drop to $350 billion if the trend continues. Lastly, over the last 24 hours, Ethereum managed to generate a total of $1.462 billion in trading volume but this is still not enough to prevent the price from going down alongside bitcoin and other currencies.